Strategy Inc shares surged 10.4% in pre-market trading to $115.04 after a sharp Bitcoin rally. The cryptocurrency gained roughly 8% and climbed toward $71,000 — its highest level in nearly two months. The price spike triggered a wave of forced short liquidations totaling about $1.44 billion, which sharply increased demand for crypto-related stocks.

The rally received two additional tailwinds. The US Treasury announced it would at least double the size of its long-term bond buyback operations — to no less than $4 billion per operation for 10–30-year maturities — which improved liquidity and supported risk assets. In addition, a meeting between President Trump and crypto-industry leaders boosted optimism about possible passage of the CLARITY Act and looser regulatory treatment for digital assets.

CEO Fong Le said Strategy plans to resume accumulating Bitcoin after roughly a seven?week pause, reinforcing confidence in the company's treasury strategy and further spurring buying interest.

Crypto stocks led the gains: after MicroStrategy rallied, Coinbase, MARA Holdings and Robinhood also rose. Notably, the broader market barely moved — the S&P 500 and Nasdaq were largely unchanged — suggesting investors were focused squarely on crypto assets.

In short, the combination of short-covering liquidations, Treasury support, easing regulatory hopes and the CEO's statement on renewed Bitcoin purchases acted as a multi-factor catalyst. Strategy broke through the prior close of $104.25 and reached a pre?market high of $115.04.